An integrated township is a balanced mix of residential and commercial spaces, along with well-developed infrastructure of power, roads, parks, water, drainage and sewage.

Thus, it’s a complex setup with more open areas with an emphasis on a sustainable living ecosystem.

Minimum Area for integrated township shall be 10 Hectare under Rajasthan Township Policy 2010.

Check Project Documents

This is perhaps one of the most important things which must be checked beforehand. Check all the property-related documents like RERA registration certificate, occupancy certificate, completion certificate, environmental clearance, fire safety clearance, etc. Also, check the land title whether it is involved in any legal dispute or not. In case of a resale property, check property encumbrance certificate, local approvals, property tax receipts and other loans NOCs.

Check Associated Banks

In case you are opting for a home loan, do check whether any bank is associated with the property or not. These days due to strict regulations and norms, many banks avoid giving loans to beleaguered developers. So, don’t fall into the traps of such developers.

Check Developers Background

It’s easy today for a developer to enter insolvency, but it’s not easy for a first-time homebuyer to put their hard-earn money into a stressed project. So, it’s better to check the background of the developer beforehand. To do this, one can easily check all the details of the developer on the RERA website. In order to enhance transparency in the Indian real estate sector, the government has made it mandatory for all the developers to enter their information on the RERA portals.

Check Payment Plan

For a first-time home buyer, it is very important to carefully select a proper payment plan which does not cost them financially. Today, in order to woo customers, developer’s offer attractive payment plans like construction linked, down payment, flexi payment offers, and possession linked plan. But, avoid falling into these traps and research carefully before you opt in any plan.

Check Hidden Charges

Most of the first-time buyers fall into the trap of Hidden charges which the developer/builder/realtor didn’t disclose during the initial period of the property search. It is advisable to check all the hidden charges beforehand and calculate the accurate cost of the property. These charges include stamp duty, property registration, GST, external/internal development charges, parking charges, club membership, Floor and view PLC.

Check Location and Neighbourhood

After checking all the major property related documents and background, it’s time to check the locality and neighborhood of the project. Always pay a visit to the site location where the project is being developed. Check infrastructural developments like roads, electricity, and water supply, banks and ATMs, grocery stores, local markets, etc. Also, check the property prices in the neighborhood areas like the cost of the same size and configuration housing unit. This will help you in understanding that if the developer is charging more from you on similar properties.

Check Accessibility

Whether you are a single working professional or have a family, it’s important to check that project’s accessibility from major areas, hospitals, entertainment centers, office spaces and above all public transportation systems like buses, metro, railway, airport, etc. The project should not be located in a deserted place where even the basic amenities are quite far.

So, always keep in mind this checklist and do proper research before investing in your first home.

Leasehold Property

In case you have purchased a leasehold property, you have the right to reside there for a stipulated period of time. Here, the buyer is not the owner of the property or the land it is situated upon. In case of a leasehold property, you will have to pay ground rent to the owner or the leaseholder. Once the set period in the lease expires, the ownership of the property is given back to the landowner. Majority of the leases are roughly given for a period of 99 years. For those opting for leasehold properties, it is important to know the tenure of the lease as it will influence the value of the property

Freehold Property

If you have purchased a freehold property, you own the land it is built on and also the house. In the case of apartments, the owner of the house becomes a shareholder in the property. You can live there for as long as you desire. You will have the right to make alterations in the house or redo some parts of the house. You might have to take permission from authorities if you bring about structural changes, (especially in case of old buildings). In India, most houses are sold as freehold property but apartments are mostly on a lease.

Flats or apartments can never be freehold because they are dwellings constructed on the same land owned by the builder/developer, where each apartment owner is a shareholder.

Yes, some states allow you to convert a leasehold property into freehold. Every state has a different set of rules for such conversions.